Company Presentation

Stora Enso in Brief Stora Enso is an integrated paper, packaging and forest products company producing publication and fine papers, packaging boards and wood products, areas in which the Group is a global market leader. 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Stora Enso in Brief A world leader Paper Packaging Boards Forest Products A world leader 15.7 million tonnes of paper and board 7.4 million m3 of sawn and processed wood products Three core product areas Paper, Packaging Boards and Forest Products Sales: EUR 12.2 billion Approximately 44 000 employees in 40 countries Market capitalisation: EUR 9.1 billion Shares listed on Helsinki, Stockholm and New York stock exchanges 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Mission, Vision and Values We promote communication and well-being of people by turning renewable fibre into paper, packaging and processed wood products We will be the leading forest products company in the world We take the lead in developing the industry Customers choose us for the value we create for them We attract investors for the value we create Our employees are proud to work with us We are an attractive partner for our suppliers Customer focus - ”We are the customers’ first choice” Performance - ”We deliver results” Responsibility - ”We comply with principles of sustainable development” Emphasis on people - ”Motivated people create success” Focus on future - ”We take the first step” Vision Values 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Major Structural Changes 2004 Divestment of Swedish forests 2002 Sylvester acquisition, Timber 2002 Divestment of Finnish forests 2001 Pulp division dissolved 2000 Close down of Newton Kyme mill, packaging 2000 Gruvön mill Billerud 2000 Consolidated Papers Inc. acquisition 2000 Sale of power assets outside mill 1999 Sale of various non-core assets; office buildings, shipping line etc. 1999 Sale of Dalum mill, fine papers 1999 Sale of Tervakoski mill, speciality papers 1999 Sale of technical office papers 1998 Stora Enso merger 1998 Schweighofer acquisition 1997 Holtzmann acquisition 1998 Suzhou acquisition 1995-6 Veitsiluoto acquisition 1990 Feldmühle acquisition 1993 Sale of Eurocan 1987 Papyrus acquisition 1993 Tampella Forest acquisition 1990 Sale of Veneer industry 1990 Soustre, acquisition 1986 Kopparkraft sales and leaseback 1986 Tervakoski, Kitee acquisition 1987 Ahlström, Varkaus Mills 1984 Billerud acquisition 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Packaging Boards Mills Kristiinankaupunki Pori Mohed Ruovesi Hammarby Varkaus Fors Pankakoski Vikingstad Uimaharju Imatra Jönköping Wisconsin Rapids Kotka Skoghall Hangzhou Ingerois Forshaga Karhula Pasir Gudang Bäckefors Loviisa Newcastle Göteborg Skene Balabanovo Bolton Heinola Arzamas Milton Keynes Lahti Edam Lübeck Krefeld Jülich Tartu Baienfurt Tallinn Saint-Seurin-Sur-L’Isle Saint-Seurin-Sur-L’Isle Páty Riga Klaipeda Kaunas Packaging Boards Pulp in bales Tolosa Barcelona Valencia Cordoba Lamia 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Towards superior performance Company strategy: “Stora Enso wants to achieve operational excellence, superior performance and image in sustainability” Mission: Our products promote well-being Vision: We take the lead Values: Responsibility Policy: Code of Ethics Environmental and Social Responsibility CSR Principles Environmental Principles Code of Ethics: Provides links to all relevant policies and principles Accountability: Transparency, Stakeholder dialogue Economic Environmental Social (CSR) Sustainability (Corporate Responsibility) One of Stora Enso values: ’Responsibility’ is defined: ”We comply with principles of sustainable development” There is along history to report financial matters and also well established procedures for the environmental performance. The same practice is now being applied to social and socio-economic issues. A year ago the company published its principles for corporate social responsibility. During 2002 the systematic implementation of these principles begun and now we are ready to publish our first report on Corporate Social Responsibility. I will begin by giving some highlights of Corporate Social Responsibility. I will then mention some key elements of the environmental reporting. 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Sustainability Indexes Dow Jones Sustainability Index Tracks the performance of leading sustainability-driven companies worldwide Stora Enso has been included since the launch in 1999 (six times now) FTSE4Good index Index series for socially responsible investors Assesses achievements in: upholding and supporting universal human rights developing positive relationships with stakeholders working towards environmental sustainability The Dow Jones Sustainability Indexes (DJSI World and DJSI STOXX) and the FTSE4Good index series are instruments that help investors identify companies, which create long-term value for the shareholders and for the society at large. In 2004 Stora Enso shared second position with MeadWestvaco, while UPM-Kymmene was ranked industry leader. Stora Enso was the industry leader in the Dow Jones Sustainability Index in 2002 and 2003. The Dow Jones Sustainability Index assesses economic, environmental and social aspects of the 2500 largest companies in the Dow Jones Global Index. In 2004, 300 companies from 24 countries were selected for the Dow Jones Sustainability Index. FTSE4Good is an index series for socially responsible investors and it has a special focus on human rights issues. FTSE is one of the world's leading experts in the creation and management of equity indexes. It is jointly owned by the London Stock Exchange and the Financial Times. It manages and develops globally recognised indexes ranging from the FTSE All-World Index to the real time FTSE Eurotop series and the FTSE 100. Stora Enso has also been included in the following indexes: Nordic Sustainability Index Ethical Index Euro and Global Climate Leadership Index. Please note that in addition to various indexes there are several other members of the SRI community who rank Stora Enso. In most cases they are related to banks or funds and their portfolio management. It is very difficult to compare the ratings of various actors, as the methodology used by them varies greatly. We focus on Dow Jones and FT4Good in our communication, as they are well-established and internationally renowned indexes. 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Leading Producers of Paper and Board, October 2004 Capacity in 1 000 tonnes Source: Jaakko Pöyry Consulting 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

StoraEnso Packaging in Russia

Corrugated market in Russia 1995-2010 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

M2 / Region North-West Volga East Central Other 240,1 Mln m2 15,3% 16,9% Central 576,7 Mln m2 36,8% Other 335,5 Mln m2 21,4% 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

History Dec ’04 Arzamas extension 1Q 2004 Arzamas start-up StoraEnso decision of Arzamas In 2002 BB Ready goods warehouse extended Sep ‘00 BB Plant extension Apr ‘01 –March ‘02 First boxes produced Oct ‘98 Official opening of Balabanovo-plant May ‘99 Sep ‘97 Enso Oy decision Construction starts Oct ‘97 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

SEPack in Russia Investment MEUR > 90 220 million m2 Production Stora Enso Packaging SEPack in Russia Investment MEUR > 90 220 million m2 Production > 300 Personnel Start End of 1998 Balabanovo 1Q- 2004 Arzamas Personnel 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Market Proximity to Moscow Authorities Active support on all levels Why Kaluga region? Market Proximity to Moscow Authorities Active support on all levels Personnel High potential human resources 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma

Information as it happens: www.storaenso.com www.storaenso.com/investors 19 September, 2018 StoraEnso presentation/Kaluga 15th of April/Turpeinen Jorma